Industrial Production News
- Watchdog to make it harder forheavy polluters to borrow money
Date: 31-Jul-2007 Sources: (Shenzhen Daily)
THE country's environment watchdog said yesterday it will make it harder for heavily energy-consuming, highly polluting industries to borrow money from the banks.
The State Environmental Protection Administration will regularly hand over lists of violators of environmental rules to the central bank and the China Banking Regulatory Commission, the administration said on its Web site.
Banks must conduct strict investigations into loans to proposed projects based on the information and are forbidden from extending any credit to new projects that have not undergone proper environmental assessments, it said.
A blacklist of 30 companies, including paper makers, copper plants, steel firms, pharmaceutical manufacturers and breweries, has already been submitted to lenders across the country, said Pan Yue, the administration's deputy head.
Increasing the funding costs for heavy industries and even cutting off sources of credit for those companies that seriously violate the laws have become an urgent matter for curbing their investment momentum, he added.
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